BUS6600: M1 - Quiz | Score for this quiz: 100 out of 100 | Submitted Jan 14 at 8:18pm ...
BUS6600: Survey of Business Concepts | M1 - Quiz
Score for this quiz: 100 out of 100
Submitted Jan 14 at 8:18pm
This attempt took 22 minutes.
Question 1 4 pts
Which statement best describes the main difference between B2B and B2C transactions?
- B2B transactions involve sales in foreign markets while B2C e-commerce is restricted to domestic markets.
- B2B transactions involve transactions where the buyers and sellers are both businesses, while B2C involves transactions between businesses and consumers.
- B2B transactions focus on financial transactions while B2C e-commerce focuses on the sale of manufactured goods.
- B2B transactions refer to business between nonprofit organizations while B2C e-commerce is carried out by business firms seeking to earn a profit.
Question 2 4 pts
When we compare the factors of production in wealthy versus poor nations, we find
- poor and wealthy nations (both) have an abundance of knowledge; it is the land that varies, with rich nations always having more.
- poor nations have plenty of land and knowledge, but very little labor.
- wealthy nations have land and labor, while poor nations have capital and entrepreneurship.
- wealthy nations have knowledge and entrepreneurial opportunities, while poor nations are often lacking in these areas.
Question 3 4 pts
Efficiency in distribution systems around the world has led to
- reduced standards of living around the world.
- increased world trade.
- decreased world trade.
- decreased international competition.
Question 4 4 pts
An entity that seeks to earn a profit by providing a good or service is known as a(n)
- industry.
- service.
- business.
- corporation.
Question 5 4 pts
World trade has both benefits and costs. Which statement best attests to this fact?
- Engaging in international trade can significantly lower the costs of parts and products, but it also carries the risk of substantial disruptions if supply chain issues arise.
- Economists are convinced that global job creation will never occur if our politicians support world trade.
- The standard of living for citizens in developing nations has significantly decreased due to globalization.
- The U.S. economy and all businesses that participate in this economy were negatively impacted by recent wars.
Question 6 4 pts
The service industry represents about __________ of U.S. workers.
Question 7 4 pts
Two factors of production that seem to contribute the most to a nation's ability to create wealth are
- land and capital.
- entrepreneurship and labor.
- entrepreneurship and knowledge.
- land and labor.
Question 8 4 pts
Greening refers to
- the need for more carbon dioxide in our air.
- firms acquiring more greenbacks (U.S. dollars) from world trade.
- the agricultural industry's push to develop and produce new green vegetables to feed the world.
- finding ways to save energy and lessen the harm on our environment.
Question 9 4 pts
Employers provide tools and technology for their employees in order to
- increase the cost of production and profitability.
- improve their efficiency and productivity.
- reduce corruption in business and eliminate scandals.
- encourage the private ownership of businesses.
Question 10 4 pts
The threat of terrorism more often __________ the cost of operating a business.
- decreases
- stabilizes
- determines
- increases
Question 11 4 pts
In order to compete well and gain market share, contemporary businesses are changing to be more
- customer-driven.
- production-driven.
- cash-driven.
- management-driven.
Question 12 4 pts
What is the most accurate statement about the impact of business on society?
- When businesses earn a profit for their owners, they usually do so at the expense of the rest of society, which proves it is never a win-win situation.
- Businesses can have a positive impact on both the standard of living and the quality of life within a society.
- Businesses often improve the quality of life, but can do little to improve the standard of living for most people.
- While businesses often improve the standard of living within a society, they can do little to improve the quality of life.
Question 13 4 pts
__________ unemployment refers to persons who purposefully quit their jobs and have not yet found a new job.
- Frictional
- Seasonal
- Structural
- Cyclical
Question 14 4 pts
Which policy suggests Keynesian economic theory?
- proposing long-term solutions in order to create wider swings in the business cycle
- creating a national banking system that owns and operates most of the global and regional banks
- reducing government involvement in the free-market economy
- short-term increases in government spending to stimulate the economy
Question 15 4 pts
Which topic would be emphasized in a microeconomics class?
- how market conditions determine the price of a specific product
- the nation's unemployment rate
- how a nation's GDP is computed
- how the government can provide adequate health care
Question 16 4 pts
An oligopoly is a market that is characterized by
- several small firms that compete primarily by differentiating their products.
- a few large sellers who dominate the market.
- a large number of small companies all producing very similar products.
- one seller that totally dominates the supply of the product.
Question 17 4 pts
Thomas Malthus was pessimistic about the ability of a society to achieve high standards of living for most of its citizens because he believed that
- the wealthy will never promote freedom of choice for workers.
- high tax rates would eventually undermine people's incentives to work hard and create wealth.
- significant population growth would result in shortages of food and resources.
- government has a natural tendency to run deficits that would eventually bankrupt a nation.
Question 18 4 pts
Today, the economic systems of most nations could most accurately be classified as
- command economies.
- pure socialism.
- pure capitalism.
- mixed economies.
Question 19 4 pts
Just a few sellers dominate the markets for laundry detergents, soft drinks, and automobiles. Economists would classify these markets as
- perfect competition.
- oligopolies.
- monopolistic competition.
- monopolies.
Question 20 4 pts
Which statement about capitalism is the most accurate?
- A drawback of capitalism is that people have little freedom to pursue their own goals.
- Capitalism is characterized by unequal distribution of wealth and income.
- A strength of capitalism is its ability to deal with environmental problems.
- In capitalist economies, most resources are owned by the government.
Question 21 4 pts
The __________ system provides the least incentive to work hard or to produce quality goods or services.
- mixed economy
- socialist
- communist
- capitalist
Question 22 4 pts
When the supply curve and demand curve for a particular good are shown together on a single graph, the point at which the two curves intersect identifies the
- amount of time it takes to bring together the buyers and sellers of the good.
- total profit earned by producers.
- total amount of labor needed to produce the good.
- equilibrium price of the good.
Question 23 4 pts
The quantity of a good or service that producers are willing to sell at different prices during a specific time period is known as the
- utility of that product or service.
- demand for that product or service.
- elasticity of that product or service.
- supply of that product or service.
Question 24 4 pts
A command economic system is characterized by
- reliance on the forces of supply and demand to determine what is produced.
- an extremely rapid rate of economic growth.
- reliance on the government to determine what is produced and who gets the output.
- freedom of choice and freedom of competition.
Question 25 4 pts
Which statement about business cycles in the United States is most accurate?
Group of answer choices
- Business cycles occur precisely every five years.
- Seasonal business cycles occur within a year.
- Business cycles are impossible to identify.
- Long-term business cycles have only two phases—boom and bust.
